As per our analysis report, the Middle East and Africa Silk Market is expected to reach USD 32.45 billion by 2029 from USD 21.98 billion in 2024, growing at a compound annual growth rate (CAGR) of 8.1 % during the forecast period.
The Middle East and African countries are keen on starting their own sericulture industries in addition to importing silk from Asian countries, which is likely to develop the demand in the Middle East and Africa silk market in the foreseen years from 2024 to 2029.
Progressions in the quality of silk products have been crucial driving forces in the Middle East and Africa silk industry. The textile industry is growing at a rapid pace in the Middle East and African area. This is also supplemented by the rising trends in the fashion industry of this area. Several investments have been made in this locale and silk is considered as a prominent fabric compared to others. The adoption of silk in the healthcare and cosmetic sectors is also promoting the sales of silk in this region. Silk has been extensively employed in the making of robes, formal dresses, etc. and this led to significant growth in the local industry. In the East African area, the cultivation of wild silk has been pertinent for a long period of time and now companies are looking to make fortune out of it by making the best use of wild silk in industrial products.
The availability of raw materials is not stable for the making of silk, which is acting as a major deterrent for the MEA silk market. This resulted in the utility of prices, slowing down the overall business. Moreover, there is not much cultivation of silk in this locale and regional markets are highly dependent on imports, acting as a limiting factor.
COVID-19 has exposed severe challenges for the silk market by impacting the file, and the Cosmetic industry. Major economies of Middle East and Africa are affected due to this pandemic; however, the silk market had remained unaffected in this period due to the lack of regional presence of silk companies. The cosmetic and textile industry suffered initially due to lack of demand and thus production but it has been compensating fairly by the growing demand for healthcare products. The investments in this sector came to a halt, and silk being portrayed as a luxury product was out of reach for the low-income countries in the African region.
The textile segment is the fastest growing in the MEA silk industry because of the extensive application of silk in this industry. Several clothing brands are selecting silk as their preferred fiber for the manufacturing of their products, improving their existing product portfolio.
The cosmetics segment is also considered a promising business that is likely to develop with a considerable CAGR in the MEA silk industry. The technological developments and the preference for new fashions among customers are supposed to accelerate the demand for silk fabrics in the Middle East and African region. In addition, silk is also employed in the making of several cosmetic products like shampoos, lotions, soaps, creams, nail enamel, and so on, which is creating immense growth potential for the local market.
It also shows signs of growing at a much higher rate post the COVID-19 pandemic. Wild silk is fairly popular in East Africa and that specific region has been cultivating the same for more than hundreds of years. There have been investments to improve the infrastructure and make use of that market.
Bolt Threads Inc., P AMSilk GmbH, First Textile Co., Kraig Biocraft Laboratories, Inc are some of the notable companies in the Middle East and Africa Silk market.
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